Turkey’s unique geographical and economic potential are immense. Hence, nurturing the economic relationship with Turkey will help open horizons that may help put Singapore businesses at a great advantage.

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This week, Singapore and Turkey have pledged their commitment to advance their bilateral economic cooperation at the Turkey-Singapore Business and Investment Forum 2012, jointly organized by the Singapore Business Federation (SBF), Turkey’s Ministry of Economy, the Turkish Exporters Assembly and the Istanbul Exporters Association

The Forum, which follows the launch of IE Singapore’s 36th Overseas Center in Istanbul in May this year, highlighted Turkey’s economic progress to date as well as the steps it was taking to up its ante. It also featured industries where opportunities were abound for Singapore’s businesses.

Turkey was cited by the Organisation for Economic Cooperation and Development (OECD) as one of the fastest growing economies in the world over the next five years.Today, it is the world’s leading producer of a variety of goods including agricultural products, auto spare parts, consumer electronics and home appliances, textile and clothing, iron and steel as well as ships and other transportation equipment.

Like Singapore, Turkey has sophisticated infrastructure, high-quality workforce, liberal investment climate, network of trade agreements and an attractive corporate tax framework. Furthermore, it proximity to the EMEA (Europe, Middle East and Africa) region, gives it access to over 1.5 billion consumers. On top of its own domestic market, which is over 70-million strong, a strategic partnership with Turkey will broaden the economic horizon for Singapore companies.

Commenting on the partnership, Mr. James Nuben, Head of Tax Division at Asiabiz Services, a Singapore company formation consultancy said, “Turkey’s unique geographical and economic potential are immense. Hence, nurturing the economic relationship with Turkey will help open horizons that may help put Singapore businesses at a great advantage even at a time where slow growth is experienced in advanced economies.”

Analysis by Asiabiz shows that bilateral trade between Singapore and Turkey has grown by a stellar 79% year on year, registering S$2.21 billion in 2011. Additionally, there are over 50 Turkish companies that have opted for Singapore company formation.

“As both countries endeavor to discuss the materialization of a Free Trade Agreement (FTA), a win-win situation is bound to arise for both Singapore and Turkish enterprises. On one hand, Turkish enterprises will be able to use Singapore as a gateway to the Asia’s emerging markets. Hence, we are optimistic that the number of Turkish enterprises opting for Singapore company formation will increase. On the other hand, we anticipate that there will be a greater flow of business personnel visiting Singapore either on a short term basis or for the longer term. So, we may see more applications for the Singapore work visa or EntrePass,” affirmed Mr. Nuben.

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ABOUT ASIABIZ SERVICES
Asiabiz Services is a Singapore-based consultancy that offers business solutions for both local and foreign professionals, investors and entrepreneurs. Our areas of expertise include Singapore company registration, incorporation, offshore company setup, accounting, taxation and other related corporate services. Asiabiz Services also provides Singapore work visa and immigration services for foreign professionals wishing to relocate to Singapore.